Oil & Gas News

Libya’s National Oil Corporation (NOC) announce the successful conclusion of arbitration brought against it in front of the ICC Court in Paris by Trasta Energy Limited, a subsidiary of the Emirati Al Ghurair Investment Group (“Trasta”) and the Libyan Emirati Refining Company (LERCO), the company which owns and operates the Ras Lanuf Refinery which is a joint venture between the NOC and Trasta.

Libya herald

Mustafa Sanalla, Chairman of the the NOC said, the “NOC is the trusted guardian of Libyan oil wealth. We will make every effort to defend that wealth. We stress the importance of LERCO re-starting operations in Ras Lanuf Oil Refinery as soon as possible.”

Trasta and Lerco commenced the arbitration proceedings against the NOC in late 2013 and it has taken the two cases’ tribunals over three years to decide on the dispute and issue final rulings. On 5 January 2018, the ICC Tribunal hearing the Lerco/ NOC case dismissed all Lerco damage claims against the NOC which amounted to the total of US$ 812 million. The tribunal awarded NOC compensation for its counterclaims of US$ 116 million plus interest.

This award follows a decision issued last November in the case brought against NOC by Trasta, in which a separate ICC tribunal pronounced that Trasta was not entitled to any of its claims totalling more than US$ 100 million pursuant to the Shareholders Agreement signed between NOC and Trasta. This pronouncement forced Trasta to withdraw all its claims thereafter.

Both these awards constitute victories for NOC against its litigants and reflect the strength of the NOC’s arguments and legal grounds by which NOC refuted the litigants’ claims or reinforced its counterclaims.

NOC potential losses are estimated at more than US$ 10 billion had the Lerco claims been accepted and the contract relationship with Al Ghurair Group continued on the basis as demanded by Lerco for the contract period agreed upon in the FSA.

The “NOC will now take all necessary steps and procedures to ensure the enforcement of the award issued in the Lerco case by the Arbitration Tribunal on 05 January 2018. Trasta and Lerco are requested to fully comply with the implementation of their contractual obligations.”, Sanalla added.

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Business News

The Libyan dinar kept its gains over the last week on the prospect of more hard currency being released into the Libyan market starting next week.

Libya herald

The US dollar had been selling at a peak of LD 9.80 towards the end of 2017 and fell sharply to LD 8.25 last week. It lost more value in early trading today, down to LD 8.20.

A Tripoli-based black-market hard currency trader today told Libya Herald, on the basis of anonymity, that ‘‘the dollar has lost value against the dinar because of the expectation that more dollars are going to be available on the market. Therefore, we are expecting demand for the dollar on the black market to fall further’’.

‘‘The Central Bank of Libya (CBL) had already announced last year that it was increasing the annual family dollar allowance from US$ 400 to US$ 500. It is going to start distributing it tomorrow (Monday 15 January). This has gained the dinar more value on the anticipation of more supply on the market. These will add billions onto the market’’, he explained.

Moreover, ‘‘The CBL has approved about 1.5 bn of Letters of Credit, again reducing demand for the dollar, but also the CBL has changed policy by accepting all 100 percent of the payment for LCs by cheque. Previously 30 percent of any LC had to be deposited in cash. Thats quite a difference’’, he added.

‘‘But generally, there is less demand for hard currency anyway. People are running out of cash and money generally in order to buy any hard currency. People may have money in their bank accounts, but the cash-crisis means they cannot access their money to buy dollars even if they wanted to’’.

‘‘Remember, there is a 50 percent surcharge on paying by cheque. That is too steep for many potential dollar buyers. So demand for dollars is falling too’’, the black-market trader explained.

Looking forward the trader went as far as to forecast that ‘‘the dollar would continue to fall in value as the effects of the LCs and the family allowance kick into the market’’.

‘‘I expect the dollar to fall down to as low as LD 7.90 over the coming weeks, if nothing (politically) major (that is negative) happens’’.

But he also admitted that ‘‘politically there is less tension in the air with no obvious incidents to worry the market’’.

It will also be recalled that the CBL had released relatively positive economic news

showing an end to the balance of trade deficit, control over state-sector salaries and a reduction of the overall annual budget deficit for 2017.

Equally, on the political side, there is a general anticipation of what the planned 2018 elections might bring in the coming year.

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SIVAJOTHI GNANATHEEVAM

4 weeks ago

Oil & Gas News

SINGAPORE (Reuters) - Brent crude oil prices rose to $70 a barrel on Monday, supported by ongoing output cuts led by OPEC and Russia, and ignoring a rise in U.S. and Canadian drilling activity that points to higher future output in North America.

Reuters

Brent crude futures LCOc1, the international benchmark for oil prices, were at $70 per barrel at 0558 GMT, up 13 cents from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $64.53 a barrel, up 23 cents.

Both benchmarks last week reached levels not seen since December 2014, with Brent touching $70.05 a barrel and WTI reaching as high as $64.77.

ANZ bank said on Monday oil prices had recently risen on data that continued to show the market is tightening.

Oil markets have been well supported by production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia which are aimed at propping up crude prices.

The cuts started in January last year and are set to last through 2018, and they have coincided with healthy demand growth, pushing up crude prices by more than 13 percent since early December.

But other factors, including political risk, have also supported crude.

“Tighter fundamentals are (the) main driver to the rally in prices, but geopolitical risk and currency moves along with speculative money in tandem have exacerbated the move,” U.S. bank JPMorgan said in a note.

Attracted by tighter supplies and strong consumption, financial investors have raised their net long U.S. crude futures positions, which would profit from higher prices, to a new record, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

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Regard,
Sivajothi

SIVAJOTHI GNANATHEEVAM

4 weeks ago

Oil & Gas News

SINGAPORE (Reuters) - Oil inched away from three-year highs on Thursday on signs that a 13-percent rally since early December may have run its course, although a surprise drop in U.S. production and lower crude inventories offered prices some support.

Reuters

U.S. West Texas Intermediate (WTI) crude futures were at $63.50 a barrel at 0529 GMT, 7 cents below their last settlement, but still close to a December-2014 high of $63.67 per barrel reached the previous day.

Brent crude futures were at $69.10 a barrel, 10 cents below their last finish, albeit also still close to the previous day’s peak of $69.37 a barrel - the highest level since an intra-day spike in May 2015.

“In Q1, the balance of risk to Brent lies to the downside, with prices overheating, record net-length built into the futures market and fundamentals set to weaken seasonally,” BMI Research said in a note.

The mounting downward pressure on prices is also showing in the physical oil market, where OPEC’s No.2 and No.3 producers, Iran and Iraq, this week cut their supply prices to remain competitive with customers.

Oil markets have so far been generally supported by a production cut led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia that started in January last year and is set to last through 2018.

More immediate price support came overnight from the United States, where crude inventories fell almost 5 million barrels in the week to Jan. 5, to 419.5 million barrels.

That’s slightly below the five-year average of just over 420 million barrels.

U.S. production fell 290,000 barrels per day to 9.5 million bpd, the EIA said, foiling expectations of U.S. output breaking through 10 million bpd.
AMPLE FUEL

Despite this, more bearish signals are appearing. Fuel inventories in Asia and the United States remain ample, and in some cases are rising.

U.S. gasoline stocks rose 4.1 million barrels, EIA data showed, more than expected.

In Asia’s oil trading hub Singapore, average refinery profit margins have fallen below $6 per barrel this month, their lowest seasonal level in five years, resulting in lower feedstock crude orders.

With the crude price up by more than 13 percent since early December, some analysts expect a downward price correction following the recent bull-run.

“Markets are getting a bit fatigued, and a healthy correction could be on the cards,” said Stephen Innes, head of trading for Asia/Pacific at futures brokerage Oanda in Singapore.

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Regard,
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SIVAJOTHI GNANATHEEVAM

4 weeks ago

Oil & Gas News

SINGAPORE (Reuters) - Oil prices hit their highest levels since 2014 on Wednesday due to ongoing production cuts led by OPEC as well as healthy demand, although analysts cautioned that markets may be overheating.

Reuters

A broad global market rally, including stocks, has also been fuelling investment into crude oil futures. [MKTS/GLOB]

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.47 a barrel at 0405 GMT - 51 cents, or 0.81 percent, above their last settlement. They marked a December-2014 high of $63.53 a barrel in early trading.

Brent crude futures LCOc1 were at $69.19 a barrel, 37 cents, or 0.54 percent, above their last close. Brent touched $69.29 in late Tuesday trading, its strongest since an intra-day spike in May 2015 and, before that, in December 2014.

“The extension of the OPEC agreement ... and declining inventories are all helping to drive the price higher,” said William O‘Loughlin, investment analyst at Australia’s Rivkin Securities.

In an effort to prop up prices, the Organization of the Petroleum Exporting Countries (OPEC) together with Russia and a group of other producers last November extended an output cut deal that was due to expire in March this year to cover all of 2018.

The cuts, which have mostly targeted Europe and North America, were aimed at reducing a global supply overhang that had dogged oil markets since 2014.

The American Petroleum Institute said late on Tuesday that crude inventories fell by 11.2 million barrels in the week to Jan. 5, to 416.6 million barrels.

Official U.S. Energy Information Administration data is due at 1530 GMT on Wednesday.
OVERHEATED?

Amid the general bull-run, which has pushed up crude prices by more than 13 percent since early December, there are indicators of an overheated market.

In the United States, crude oil production C-OUT-T-EIA is expected to break through 10 million barrels per day (bpd) this month, reaching levels only Russia and Saudi Arabia have achieved.

In Asia, the world’s biggest oil consuming region, refiners are suffering from high prices and ample fuel supplies.

“One area of concern, particularly in Asia, is that of (low) refining margins ... This drop in margins could reduce Asian refiners’ demand for incremental crude in the near term and weigh on global prices,” said Sukrit Vijayakar, director of energy consultancy Trifecta.

Average Singapore refinery margins DUB-SIN-REF this week fell below $6 per barrel, their lowest seasonal value in five years, due to high fuel availability but also because the recent rise in feedstock crude prices dented profits.

Asian oil prices are higher than in the rest of the world.

While Brent and WTI are still below $70 per barrel, the average price for Asian crude oil grades has already risen above that level, to $70.62 per barrel, Thomson Reuters Eikon data showed.

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Regard,
Sivajothi

SIVAJOTHI GNANATHEEVAM

4 weeks ago

Business News

TUNIS (Reuters) - Libya’s National Oil Corp (NOC) said it had won two international arbitration cases over the 220,000 bpd-capacity Ras Lanuf refinery, and called for the refinery to restart as soon as possible.

Reuters

The NOC said in a statement that the arbitration cases, which date to 2013, had been settled in its favor at the International Chamber of Commerce in Paris.

The Ras Lanuf Oil and Gas Processing Company (RASCO), an NOC subsidiary, welcomed the announcement. The rulings “coincide with preparations by the Ras Lanuf company to resume operations in the second half of 2018”, a statement posted on a Facebook page used by the company said.

One of the cases had been brought by the Libyan Emirati Refining Company (LERCO), the owner and operator of the refinery, and was decided on Jan. 5, the NOC said. It said the ruling had awarded the NOC nearly $116 million plus interest.

The second case had been brought by TRASTA, owned by Emirati group Al Ghurair, and a ruling last November forced TRASTA to withdraw its case, the NOC said. LERCO is a joint venture between the NOC and TRASTA.

“From now the NOC will be engaged in taking the necessary measures to implement the final arbitration ruling ... and restart the refinery as soon as possible,” the NOC statement quoted its Chairman Mustafa Sanalla as saying.

“We ask TRASTA and LERCO to comply fully with their contractual obligations.”

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Regard,
Sivajothi

SIVAJOTHI GNANATHEEVAM

4 weeks ago

Oil & Gas News

SINGAPORE (Reuters) - Oil prices firmed on Monday on the back of a slight decline in the number of U.S. rigs drilling for new production, with crude holding just below near three-year highs reached last week.

Reuters

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $61.61 a barrel at 0209 GMT, 17 cents, or 0.3 percent, above their last settlement, and not far off the $62.21 May 2015 high reached last week.

Brent crude futures LCOc1 were at $67.74 a barrel, 12 cents, or 0.2 percent, above their last close. Brent hit $68.27 high last week, the highest since May 2015.

Traders said the gains were due to a slight decline in the number of U.S. rigs drilling for new production, which eased by five in the week to January 5, to 742, according to data from oil services firm Baker Hughes.

Despite this, U.S. production C-OUT-T-EIA is expected to break through 10 million barrels per day (bpd) very soon, largely thanks to soaring output from shale drillers. Only top producers Russia and Saudi Arabia produce more.

Rising U.S. production is the main factor countering production cuts led by the Middle East dominated Organization of the Petroleum Exporting Countries (OPEC) and by Russia, which began in January last year and are set to last through 2018.

Stephen Innes, head of trading for Asia/Pacific at futures brokerage Oanda in Singapore, said “the OPEC vs shale debate will rage” this year, being a key price driving factor.

However, Innes added that Middle East turmoil would remain a key focus for oil markets, which he warned had the potential to “send oil prices rocketing higher”.

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Regard,
Sivajothi

SIVAJOTHI GNANATHEEVAM

4 weeks ago

Business News

SINGAPORE (Reuters) - Oil prices fell on Friday, dropping away from highs last seen in 2015, as soaring production in the United States undermined the 10 percent rally from lows hit in December that was driven by tightening supply and political tensions in OPEC member Iran.

Reuters

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $61.92 a barrel at 0313 GMT, 9 cents below their last close though still near to the $62.21 high reached the previous day that was the most since May 2015.

Brent crude futures LCOc1 were at $67.96 a barrel, 11 cents below their last settlement, but still not far off the $68.27 high from the day before, also the highest since May 2015.

Traders said political tensions in Iran, third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), had pushed prices higher.

“The protests in Iran add more fuel to the already bullish oil market mood,” said Norbert Ruecker, head of commodity research at Swiss bank Julius Baer.

Oil prices have received general support by production cuts led by OPEC and by Russia, which started in January last year and are set to last through 2018, as well as by strong economic growth and financial markets. [MKTS/GLOB]

This has helped tighten markets. U.S. commercial crude inventories C-STK-T-EIA fell by 7.4 million barrels in the week to Dec. 29, to 424.46 million barrels, according to data from the Energy Information Administration (EIA).

That is down 20 percent from their historic peaks last March and close to the five-year average of 420 million barrels.
CAN THE BULL-RUN LAST?

Yet given Iran’s oil production has not been affected by the unrest, and that U.S. production C-OUT-T-EIA will likely break through 10 million barrels per day (bpd) soon, a level so far only reached by Saudi Arabia and Russia, doubts are emerging whether the bull-run can last.

“Oil production disruptions (in Iran) remain a very distant threat ... Disruptions in the North Sea have been removed with the Forties Pipeline system having resumed full operations. U.S. oil production surpassed the 2015 highs in October and is set to climb to historic highs this year,” he said.

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Sivajothi

SIVAJOTHI GNANATHEEVAM

4 weeks ago

Business News

SINGAPORE (Reuters) - Oil prices on Thursday hit fresh two-and-a-half year highs and were at levels last seen at the start of the commodity slump in 2014/2015, with markets tightening amid tensions in Iran and due to ongoing OPEC-led production cuts.

Reuters

Prices were also buoyed by Asia’s stock markets, which flirted with 10-year highs on Thursday amid strong data from leading economies including the United States, Japan and Germany.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $62.10 a barrel at 0445 GMT, up 47 cents, or 0.8 percent, from their last close. They hit $62.14 shortly before, the highest level since May 2015.

Brent crude futures LCOc1 - the international benchmark for oil prices - were at $68.13 a barrel, up 29 cents, or 0.4 percent, after hitting a May-2015 high of $68.16 shortly before.

Beyond a brief intraday spike in May, 2015, these were the highest crude price levels since December, 2014, at the start of the oil price downturn.

Freezing weather in the United States has also spurred short-term demand, especially for heating oil.

“The market is clearly getting more bullish on oil as inventory levels get closer to the five-year average. Geopolitical uncertainty in Iran, OPEC’s third largest producer, is also helping to support the price as citizens are again protesting the government,” said by William O‘Loughlin, investment analyst at Australia’ Rivkin Securities.

Iran’s elite Revolutionary Guards have deployed forces to three provinces to put down anti-government unrest that has been ongoing for a week, their commander said on Wednesday.

In the United States, crude oil inventories fell by 5 million barrels in the week to Dec. 29 to 427.8 million barrels, industry group the American Petroleum Institute said on Wednesday.

Potentially undermining the trend towards tighter market conditions is U.S. oil production C-OUT-T-EIA, which has risen by almost 16 percent since mid-2016, hitting 9.75 million barrels per day (bpd) at the end of last year.

Official U.S. Energy Information Administration (EIA) storage and production data is due on Thursday.

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Regard,
Sivajothi

SIVAJOTHI GNANATHEEVAM

4 weeks ago

Oil & Gas News

SINGAPORE (Reuters) - Oil prices were stable on Wednesday, not far off mid-2015 highs reached the previous session, as strong demand and ongoing efforts led by OPEC and Russia to curb production tightened the market.

Reuters

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $60.40 a barrel at 0141 GMT, up 3 cents from their last close, and not far off the $60.74 June 2015 high reached the previous day.

Brent crude futures LCOc1 - the international benchmark for oil prices - were at $66.55 a barrel, down 2 cents but still not far off the $67.29 May 2015 high from the previous day.

Despite this, there were indicators that markets had overshot in the last days of 2017 and trading this year, as U.S. production is set to rise further and doubts are emerging about whether demand growth can continue at current levels.

Ole Hansen, head of commodity strategy at Denmark’s Saxo Bank warned that ”multiple but temporary supply disruptions“ like the North Sea Forties and Libyan pipeline outages (and) protests across Iran ... helped create a record speculative long bet.”

With the pipeline outages resolved and the protests in Iran showing no signs of impacting its oil production, Hansen said there was potential for a price downturn in early 2018, especially due to rising U.S. output.

“It is only a matter of time before the 10 million barrel per day (bpd) production target will be reached,” Hansen said.

U.S. oil production C-OUT-T-EIA has risen by almost 16 percent since mid-2016, hitting 9.75 million bpd at the end of last year.

There was also some concern that output by Russia, the world’s biggest oil producer and one of the key drivers together with the Organization of the Petroleum Exporting Countries (OPEC) in cutting supplies, was in fact not falling.

As part of the supply cut deal, Russia pledged to reduce its output by 300,000 bpd from the 30-year monthly high of 11.247 million bpd hit in October 2016, which it achieved by the second quarter of 2017, according to Russian energy ministry data.

For the whole of 2017, however, Russian output rose to an average output of 10.98 million bpd, compared with 10.96 million bpd in 2016 and 10.72 million bpd in 2015.

“We also have some concerns about the Chinese economy in 2018 that ultimately could lead to lower than expected demand growth,” Hansen said.

“By year-end we see Brent crude at $60 per barrel with WTI three dollars lower at $57 per barrel.”

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Regard,
Sivajothi

SIVAJOTHI GNANATHEEVAM

4 weeks ago

We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.

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SIVAJOTHI GNANATHEEVAM

1 month ago

Oil & Gas News

SINGAPORE (Reuters) - Oil prices posted their strongest opening to a year since 2014 on Tuesday, with crude rising to mid-2015 highs amid large anti-government rallies in Iran and ongoing supply cuts led by OPEC and Russia.

Reuters

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $60.61 a barrel at 0423 GMT, up 19 cents, or 0.3 percent, after hitting $60.73 earlier in the day, ther highest since June 2015.

Brent crude futures LCOc1, the international benchmark, were at $67.12 a barrel, up 25 cents, or 0.4 percent, after hitting a May 2015 high of $67.27 a barrel earlier in the day.

It was the first time since January 2014 that the two crude oil benchmarks opened the year above $60 per barrel.

“Growing unrest in Iran set the table for a bullish start to 2018,” the U.S.-based Schork Report said in a note to clients on Tuesday.

Anti-government protesters demonstrated in Iran on Sunday in defiance of a warning by authorities of a crackdown, extending for a fourth day one of the most audacious challenges to the clerical leadership since pro-reform unrest in 2009.

Even without the unrest in Iran, which is a major oil exporter, market sentiment was bullish.

“Falling inventories globally and strong economic growth offset the restart of the Forties pipeline and the resumption of production following a pipeline outage in Libya,” said Jeffrey Halley, senior market analyst at futures brokerage Oanda in Singapore.

The 450,000 barrels per day (bpd) capacity Forties pipeline system in the North Sea returned to full operations on Dec. 30 after an unplanned shutdown.

Oil markets have been supported by a year of production cuts led by the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) and Russia. The cuts started in January 2017 and are scheduled to cover all of 2018.

U.S. commercial crude oil inventories have fallen by almost 20 percent from their historic highs last March, to 431.9 million barrels.

Strong demand growth, especially from China, has also been supporting crude.

“We would not be surprised to see a further (oil price) rise,” said Sukrit Vijayakar, director of energy consultancy Trifecta.

Only rising U.S. production, which is on the verge of breaking through 10 million bpd, is somewhat hampering the outlook into 2018.

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Contact : Mr. SIVAJOTHI GNANATHEEVAM
Email: leasingmandate@gmail.com

SIVAJOTHI GNANATHEEVAM

1 month ago

News Releases

We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.

For further details contact us with the below information....

Contact : Mr. SIVAJOTHI GNANATHEEVAM
Email: leasingmandate@gmail.com

SIVAJOTHI GNANATHEEVAM

1 month ago

Oil & Gas News

SINGAPORE (Reuters) - U.S. oil prices hit their highest levels since mid-2015 on the final trading day of the year as an unexpected fall in American production and a fall in commercial crude inventories stoked buying.

Reuters

In international markets, Brent crude oil futures also rose, supported by ongoing supply cuts by top producers OPEC and Russia as well as strong demand from China.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $60.30 a barrel at 0504 GMT, up 46 cents or 0.8 percent from their last close, the highest since June 2015.

Brent crude futures LCOc1 - the international benchmark - were also up, rising 45 cents or 0.7 percent to $66.61 a barrel. Brent broke through $67 earlier this week for the first time since May 2015.

Since the start of the year, Brent and WTI have risen by 17 and 12 percent, respectively, although the price rises from mid-2017 are much stronger, at nearly 50 percent.

Friday’s WTI price rises were driven by a surprise drop in U.S. oil production C-OUT-T-EIA, which last week dipped to 9.754 million barrels per day (bpd), down from 9.789 million bpd the previous week, according to data from the Energy Information Administration (EIA) released late on Thursday.

U.S. output is still up by almost 16 percent since mid-2016, but most analysts had expected production to break through 10 million bpd by the end of this year - a level only surpassed by top exporter Saudi Arabia and top producer Russia.

WTI prices were further boosted by a fall in U.S. commercial crude storage levels, which dropped by 4.6 million barrels in the week to Dec. 22 to 431.9 million barrels, according to the EIA.

Inventories are now down by almost 20 percent from their historic highs last March, and well below this time last year or in 2015.
A YEAR OF CUTS

In international markets, China has issued crude oil import quotas totalling 121.32 million tonnes for 44 companies in its first batch of allowances for 2018.

Based on total expected quotas, China’s imports - which at around 8.5 million bpd are already the world’s biggest - are expected to hit another record in 2018 as new refining capacity is brought online and Beijing allows more independent refiners to import crude.

On the supply side, Brent prices have been supported by a year of production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia. The cuts started last January and are scheduled to cover all of 2018.

Pipeline outages in Libya and the North Sea have also been supporting oil prices, although both these disruptions are expected to be resolved by early January.

Consultancy JBC Energy said the Libyan pipeline outages had “no major impact on exports”.

We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.

Business News

The Main Tender Committee of the Arabian Gulf Oil Company desires to release the following project: -

NOC

No.

MTC No.

Projects Title

Booklet price

1

MTC-17/2017

Construction of field accommodation blocks at Hamada Field

1000L.D

Description:

The bidder/contractor shall be responsible for the complete design, construction works including labour, equipment and material supply, according to AGOCO procedure in &lsquo;Turnkey&rsquo; basis

Scope of work

This project includes design, procurement, construction, furniture, fixtures and equipment, ready for use.

Construction of three (3) buildings

With one storey and reinforced concrete structure.

For each building: size 49.40m*15.20m and 3.0 highest, to accommodate the following partitions:

20 single bed rooms with kitchenette

20 in-suite bathroom

1 storage room

1 mechanical room

1 electrical room office

Under ground and overhead water tank, septic tank and building access walkway

Bidding procedure:

All specialized companies which have the true desire to participate in this tender, and have the efficiency, ability, previous experience and specialized in the above mentioned field, please be informed that tender documents shall be withdrawn during the period from: (Day: Tuesday, Corres. To: 12/12/2017 A.D to Day: Tuesday, Corres. To: 26/12/2017 A.D), (from: 12:00 P.M to: 14:00 P.M) through a direct delivery to their representatives who have to fill a form on the date of delivery, upon an amount of money of one thousand (1000) L.D paid through non-refundable certified cheque issued by one of the working Libyan banks, for the benefit of the Arabian Gulf Oil company.

Prepare and submit by post or a direct delivery the below listed documents (Requirements) to the Main Tender Committee (MTC) of AGOCO.

Bidding Requirements(Provided by all applicants)

A copy of work license. (Valid)

A copy of a recent Commercial Record Extract. (Valid)

A copy of record certificate of the Chamber of Commerce. (Valid) and financial file

A proof of tax payment. (Valid).

A copy of the decree of formation.

A copy of the basic structure.

A copy of a partnership agreement (if any)- if the company had incorporated or joined another legal person - certified by the local competent authorities or by those at the state headquarters-If the other party in the partnership agreement is a foreigner and approved by the Libyan embassy at the State Headquarters.

Work permission from the competent ministry for the foreign companies.

The applicant&rsquo;s qualification and previous experience, supported with documents of the related field, including copies of the handing &ndash;over minutes of projects executed for the interested bodies.

The participant, if accepted, shall facilitate the field visit procedures to his company&rsquo;s headquarter for the Arabian Gulf Oil company representatives who authorized to examine all his available material and human capabilities.

Offers Submission:

The Tender should be submitted through a direct delivery or by courier in (4) separated envelopes, closed with red sealing wax and with the stamp of the bidder, writing clearly the name of the project, the bid number and the name of the participating Body on each envelope.

The first envelope should include a priced financial proposal (original + 1 copy)

The second envelope should contain an un-priced financial proposal without price (original + 1 copy) (do not mention the price); otherwise, it will be rejected and has to contain the required financial conditions and the required method of payment, with the necessity to agree on all AGOCO general terms and conditions.

The third envelope includes a technical proposal (original + 3 copies). As well as the validity of the proposal shall be three months at least from the closing date stated in this announcement. (Plus an electronic copy of the technical proposal ONLY).

The Contractor shall be at his own expense obtain and maintain for the Company a bid Bond in an amount equal 0.5% of the submitted proposal value Such Bond shall be established as an irrevocable, Certified cheque or unconditional and confirmed Letter of Guarantee or Stand-by Letter of Credit through a First Class Libyan bank or through a First Class European Bank confirmed and advised to the Company through Libyan Foreign Bank (LFB)-Tripoli, or through British Arab Commercial Bank (BACB)-London. (Bid bond is automatically revalidated). Bid Bond should be valid for at least 60 days after offer dead-end.

Note:

The Bid Bond is rewind to those who were not successful in the tender.

The successful bidder has to secure a performance guarantee of 10 % which is payable for a year from provisional certificate of completion issue date; and within 30 days from formal success notification.

The proposals shall be submitted during the official working hours to the main Tender Committee at the Arabian Gulf Oil company Headquarter- Alkeish- Benghazi- B.O. box 263 the dead line is: (Time: 14:00 P.M Day Tuesday, corresponding to: 23/01/2018 A.D)

Any proposal not complying with the above mentioned procedures shall not be accepted, i.e. any offer which does not comply with such tender, or not clearly reflects the ability of the bidder to execute the work in a required precision, shall be ignored, and the lower prices shall not be the only standard for winning the bid.

The Arabian Gulf Oil Company has the right to cancel the tender without stating the causes, as well as the Arabian Gulf Oil Company shall not bear any expenses incurred by the participant after the tender cancellation, taking into account that all offers and the attached document submitted by the participant in this tender will be owned by the Arabian Gulf Oil Company,

For any inquiries, please, contact the main tender committee secretariat on the following address:

We are broker firm in London-UK, we have direct Provider of BG/SBLC specifically for Lease and Purchase, The provider is tested and trusted. We have been dealing with the company for the past 6years. Interested Agent/Lessee should contact us for directives.If you have need for corporate loans, international project funding, etc. or if you have a client who requires funding for his project or business we have all available.

For further details contact us with the below information....

Contact : Mr. SIVAJOTHI GNANATHEEVAM
Email: leasingmandate@gmail.com

SIVAJOTHI GNANATHEEVAM

1 month ago

Business News

Harouge oil operation, is joint operating company on behalf of national oil operation Libya and Suncor oil (north Africa) GMBH, announces an invitation to participate in tender no (14/2017) for supply and procure of (36’’ x 80 kms) sour service pipeline for (AMNA crude oil).

Harouge Tender Committee announces to all companies who have an interest in the tender that participation will be as follows:

Tender Committee will only accept participation from local specialized companies who have sufficient experience of supplying materials of similar size and quantities in this field which can be supported with certificates and documentation and pipe line mills companies (manufacturers) and foreign companies registered in Libya as &ldquo;manufacturers agents&rdquo; having the necessary registration licenses to carry out supply and delivery of the subject pipeline.

Items of origin will be accepted from Western Europe, North America and Japan only.

All companies who wish to participate in this tender should send Official letter before the date of collecting the ITT package addressed to HOO Company&rsquo;s Chairman of Tender Committee confirming the desire to participate in this Tender, via email to:

Fill the attached copy of consultant information form and make sure that your contact details are correct and current and send it with the participation letter.

Provide a copy of the following legal documents attached with the participation letter as applicable:

Valid license compatible with the required work.

Commercial Registration

Certificate of Registration in Chamber of Commerce.

Payment of tax certificate

Article of association.

Previous experience in similar work.

The financial Status of the company for the last three years.

ITT Package will be received (free of charge) to the bibbers via the written e mail mentioned in the consultant information from Tuesday 2018/01/09 To Thursday 11/01/2018, any request after this day will not be accepted.

In case of no queries / inquiries are received from the bidder prior to bid submittal , this will be deemed mean that the bidder had studied the scope / specifications bid package, found it clear from both technical & commercial aspects, therefore in case of any shortages and/or change of specifications from HOO original scope/specifications bid package, shall result in disqualifying the bidder&rsquo;s offer, and shall be excluded from further considerations with no obligation to HOO to request any clarification from the bidder.

Bid bond with a value of (100,000 LD) one hundred thousand Libyan dinars) submitted with your offer in the form of a certified check in a separate envelope, which shall be refunded in the event of failure to secure the tender. The check shall be issued by a Libyan bank in favor of Harouge Oil Operations or by bank guarantee letter available for (6) months from the date of submitting the offer, and shall be issued by one of the worldwide first class banks in favor of Harouge Oil Operations.

Notes:Any company or contractor interested in participating in this tender is responsible for all costs involved.

We are broker firm in London-UK, we have direct Provider of BG/SBLC specifically for Lease and Purchase, The provider is tested and trusted. We have been dealing with the company for the past 6years. Interested Agent/Lessee should contact us for directives.If you have need for corporate loans, international project funding, etc. or if you have a client who requires funding for his project or business we have all available.

Business News

The Main Tender Committee of the Arabian Gulf Oil Company desires to release the following project: -

NOC

No.

MTC No.

Projects Title

Booklet price

1

MTC-36/2017

Supply and installation of c.p system for Tie-in of well No.G-312 at Nafoora field project No.N-26

1000L.D

Description:

Scope of work:

Supply and installation of Cathodic production system for tie in of well No G-312 in GOSP-4 area at Nafoora field C/W Supply and installation of all required & necessary materials for all Cathodic production works included a step down transformer (5KVA), surge arresters,16mm2 cable, Supply and installation of insulating flange(I/F) kits and spark gaps end and at the GOSP-4 manifold end with cathodic junction boxes, install a new deep ground bed about 150m, anode junction boxes, install crash barrier and all required cables to complete work.

Bidding procedure:

All specialized companies which have the true desire to participate in this tender, and have the efficiency, ability, previous experience and specialized in the above mentioned field, please be informed that tender documents shall be withdrawn during the period from: (Day: Sunday, Corres. To: 17/12/2017 A.D to Day: Sunday, Corres. To: 31/12/2017 A.D), (from: 12:00 P.M to: 14:00 P.M) through a direct delivery to their representatives who have to fill a form on the date of delivery, upon an amount of money of one thousand (1000) L.D paid through non-refundable certified cheque issued by one of the working Libyan banks, for the benefit of the Arabian Gulf Oil company.

&middot; Prepare and submit by post or a direct delivery the below listed documents (Requirements) to the Main Tender Committee (MTC) of AGOCO.

Bidding Requirements(Provided by all applicants)

1. A copy of work license. (Valid)

2. A copy of a recent Commercial Record Extract. (Valid)

3. A copy of record certificate of the Chamber of Commerce. (Valid) and financial file

4. A proof of tax payment. (Valid).

5. A copy of the decree of formation.

6. A copy of the basic structure.

7. A copy of a partnership agreement (if any)- if the company had incorporated or joined another legal person - certified by the local competent authorities or by those at the state headquarters-If the other party in the partnership agreement is a foreigner and approved by the Libyan embassy at the State Headquarters.

8. Work permission from the competent ministry for the foreign companies.

9. The applicant&rsquo;s qualification and previous experience, supported with documents of the related field, including copies of the handing &ndash;over minutes of projects executed for the interested bodies.

10. The participant, if accepted, shall facilitate the field visit procedures to his company&rsquo;s headquarter for the Arabian Gulf Oil company representatives who authorized to examine all his available material and human capabilities.

Offers Submission:

The Tender should be submitted through a direct delivery or by courier in (4) separated envelopes, closed with red sealing wax and with the stamp of the bidder, writing clearly the name of the project, the bid number and the name of the participating Body on each envelope.

1. The first envelope should include a priced financial proposal (original + 1 copy)

2. The second envelope should contain an un-priced financial proposal without price (original + 1 copy) (do not mention the price); otherwise, it will be rejected and has to contain the required financial conditions and the required method of payment, with the necessity to agree on all AGOCO general terms and conditions.

3. The third envelope includes a technical proposal (original + 3 copies). As well as the validity of the proposal shall be three months at least from the closing date stated in this announcement. (Plus an electronic copy of the technical proposal ONLY).

The Contractor shall be at his own expense obtain and maintain for the Company a bid Bond in an amount equal 0.5% of the submitted proposal value Such Bond shall be established as an irrevocable, Certified cheque or unconditional and confirmed Letter of Guarantee or Stand-by Letter of Credit through a First Class Libyan bank or through a First Class European Bank confirmed and advised to the Company through Libyan Foreign Bank (LFB)-Tripoli, or through British Arab Commercial Bank (BACB)-London. (Bid bond is automatically revalidated). Bid Bond should be valid for at least 60 days after offer dead-end.

Note:

&middot; The Bid Bond is rewind to those who were not successful in the tender.

The successful bidder has to secure a performance guarantee of 10 % which is payable for a year from provisional certificate of completion issue date; and within 30 days from formal success notification.

The proposals shall be submitted during the official working hours to the main Tender Committee at the Arabian Gulf Oil company Headquarter- Alkeish- Benghazi- B.O. box 263 the dead line is: (Time: 14:00 P.M Day Monday, corresponding to: 01/02/2018 A.D)

Any proposal not complying with the above mentioned procedures shall not be accepted, i.e. any offer which does not comply with such tender, or not clearly reflects the ability of the bidder to execute the work in a required precision, shall be ignored, and the lower prices shall not be the only standard for winning the bid.

The Arabian Gulf Oil Company has the right to cancel the tender without stating the causes, as well as the Arabian Gulf Oil Company shall not bear any expenses incurred by the participant after the tender cancellation, taking into account that all offers and the attached document submitted by the participant in this tender will be owned by the Arabian Gulf Oil Company,

For any inquiries, please, contact the main tender committee secretariat on the following address:

We are broker firm in London-UK, we have direct Provider of BG/SBLC specifically for Lease and Purchase, The provider is tested and trusted. We have been dealing with the company for the past 6years. Interested Agent/Lessee should contact us for directives.If you have need for corporate loans, international project funding, etc. or if you have a client who requires funding for his project or business we have all available.

Business News

Tunis port has reopened to international shipping. It was closed two months ago on the orders of Field Marshal Khalifa Hafter, and foreign vessels ordered to use Benghazi instead.

Libya herald

The decision to close was ostensibly made because of ineffective security controls at the port, corruption and smuggling.

The decision to reopen has also come from Hafter, according to the port’s security director, Colonel Abdussalam Younis. The closure, however, caused considerable anger in the town. Nor did it have any effect on reducing corruption.

Benghazi port, formally reopened at the beginning of October, was at the centre of a $8-million Letter of Credit scam last month when 40 containers were discovered containing not the goods they were supposed to have, but other cheaper ones. The fraud is now being investigated.

Since the reopening of Benghazi port, container unloading and storage security is now reported to be under the control of the Libyan National Army’s Military Authority for Investment and Public Works.

We are broker firm in London-UK, we have direct Provider of BG/SBLC specifically for Lease and Purchase, The provider is tested and trusted. We have been dealing with the company for the past 6years. Interested Agent/Lessee should contact us for directives.If you have need for corporate loans, international project funding, etc. or if you have a client who requires funding for his project or business we have all available.

For further details contact us with the below information....

Contact : Mr. SIVAJOTHI GNANATHEEVAM
Email: leasingmandate@gmail.com

SIVAJOTHI GNANATHEEVAM

1 month ago

Oil & Gas News

SINGAPORE (Reuters) - Oil prices on Friday dipped away from some of its highest levels since 2015, weighed down by rising U.S. output and the expected January re-opening of the Forties pipeline in the North Sea.

Reuters

The drop, though, came as crude future volumes declined rapidly as traders closed positions ahead of the upcoming Christmas and New Year breaks.
U.S. West Texas Intermediate (WTI) crude futures were at $58.18 a barrel at 0544 GMT, down 18 cents, or 0.3 percent, from their last settlement.

Brent crude futures, the international benchmark for oil prices, were at $64.75 a barrel, down 15 cents, or 0.2 percent.
Brent on Thursday ended at $64.90 a barrel, its highest close since June 2015. WTI has also been touching values not seen since mid-2015 over the past two months.

The dip on Friday was due to an outlook for rising supplies that triggered those holding long positions to sell-out ahead of the year-end holidays, traders said.

Also weighing on the market was the expected return of the 450,000 barrels per day (bpd) Forties pipeline system in the North Sea in January.
The pipeline, which delivers crude underpinning Brent futures, was shut earlier this month due to a crack. Operator Ineos said on Thursday it expected to complete repairs around Christmas and to gradually restart the system in early January.

Longer term, analysts said crude production in the United States that is fast approaching 10 million bpd would also drag on oil prices, and undermine efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to tighten the market.

“Supply is expected to grow further, paving the way to an oversupplied market, which can again exercise downward pressure on oil prices,” consultancy Rystad Energy said in a note.

Not all analysts expect a return of oversupply, though.

The OPEC-led pact to withhold supplies started in January this year, and the producer group and its allies decided in November to extend the cuts to cover all of 2018, instead of letting them expire next March, as had been planned.

The supply restraint has resulted in significant reductions of oil inventories and helped push up Brent prices by more than 45 percent since June this year.

“OPEC’s extension of its production cuts through the end of 2018 is a necessary condition for continued inventory drawdown,” U.S. investment bank Jefferies said.

Jefferies said it has raised its 2018 Brent forecast to $63 a barrel from $57, and its WTI forecast to $59 per barrel from $54, on expectations that the market will remain tight.

We are broker firm in London-UK, we have direct Provider of BG/SBLC specifically for Lease and Purchase, The provider is tested and trusted. We have been dealing with the company for the past 6years. Interested Agent/Lessee should contact us for directives.If you have need for corporate loans, international project funding, etc. or if you have a client who requires funding for his project or business we have all available.

Oil & Gas News

SINGAPORE (Reuters) - Oil prices dipped on Thursday as soaring U.S. output, fast approaching 10 million barrels per day (bpd), outweighed a drop in American crude inventories.

Reuters

U.S. West Texas Intermediate (WTI) crude futures were at $58.02 a barrel at 0540 GMT, down 7 cents from their last settlement.

Brent crude futures, international benchmark for oil prices, were at $64.45 a barrel, down 11 cents.

Both crude benchmarks gained around 1 percent during their previous sessions, lifted by official data showing a 6.5 million-barrel fall in U.S. crude inventories in the week to Dec. 15 to 436 million barrels, the lowest level since October 2015.

Outweighing this on Thursday was another increase in American crude oil production, while a rise in gasoline stocks pointed to a slowdown in demand.

The energy minister of Saudi Arabia, the world’s top crude exporter and OPEC’s de-facto leader, said it would take more time to rein in a global supply overhang, which was created by strong global production increases in the years up to 2015.

“We expect the first few months of 2018 to be either flat or a build (in inventories) as it is typically the case with the seasonality with the oil market,” Khalid al-Falih told Reuters on Wednesday.

U.S. oil output is close to breaking through 10 million bpd, undermining efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to tighten the market through withholding supply this year and next.

U.S. crude production hit 9.79 million bpd last week, its highest since the early 1970s, the only time American output breached 10 million bpd.

This brings U.S. output close to that of top producers Saudi Arabia and Russia, which pump around 10 million and 11 million bpd, respectively.

Oil traders this week also eyed with interest the passing of a U.S. tax bill, which is seen to weigh on crude prices in the longer term.

“The passage of the U.S. tax bill is ... a bearish long-term development for oil and gas markets,” Barclays bank said.

“The policies ... are likely to reduce demand for gas and oil and raise supplies ... (as) the tax bill preserves renewable energy tax credits, a tax credit for EVs (electric vehicles), and opens up drilling in the Arctic National Wildlife Refuge.”

We are broker firm in London-UK, we have direct Provider of BG/SBLC specifically for Lease and Purchase, The provider is tested and trusted. We have been dealing with the company for the past 6years. Interested Agent/Lessee should contact us for directives.If you have need for corporate loans, international project funding, etc. or if you have a client who requires funding for his project or business we have all available.

Oil & Gas News

SINGAPORE (Reuters) - Oil prices inched up on Wednesday, supported by expectations of a fall in U.S. crude inventories and by the ongoing outage of the North Sea Forties pipeline system.

Reuters

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $57.73 a barrel at 0312 GMT, up 17 cents, or 0.3 percent, from their last settlement.

Brent crude futures LCOc1, the international benchmark for oil prices, were at $63.91 a barrel, up 11 cents, or 0.17 percent.
“Oil prices inched higher on expectations of another strong drawdown in U.S. inventories,” ANZ bank said.
The American Petroleum Institute said on Tuesday that U.S. crude inventories fell by 5.2 million barrels in the week to Dec. 15 to 438.7 million.

Official U.S. government data from the Energy Information Administration (EIA) is due on Wednesday.

Oil prices have also been supported by the continuing outage of the Forties pipeline in the North Sea, which delivers crude underpinning Brent futures.

Operator Ineos hopes to be able to fix a crack in the pipeline, which can pump around 450,000 barrels per day of crude, within two to four weeks from Dec. 11.

Despite the North Sea outage and falling U.S. crude inventories, oil prices have remained some way off their $65.63 and $59.05 per barrel recent highs for Brent and WTI respectively.

Traders said rising U.S. crude production C-OUT-T-EIA, which has soared by 16 percent since mid-2016 to 9.8 million bpd, was capping prices.
Most analysts expect U.S. output to break through 10 million bpd soon, which would be a new record and take it to levels on par with top exporter Saudi Arabia and close to top producer Russia, which pumps around 11 million bpd.

Georgi Slavov, head of research at commodity brokerage Marex Spectron, warned of a possible slowdown in oil consumption, which could put downward pressure on oil prices into 2018.

“Demand, which was the main reason to see oil at/above $60, has weakened ... But we continue to lean towards a mildly bearish macro environment for the period (Q1 2018) on the back of an anticipated slowdown in credit, persistently bearish energy intensity of key oil consuming economies and a seasonal decline in the manufacturing activity,” Slavov said.

We are broker firm in London-UK, we have direct Provider of BG/SBLC specifically for Lease and Purchase, The provider is tested and trusted. We have been dealing with the company for the past 6years. Interested Agent/Lessee should contact us for directives.If you have need for corporate loans, international project funding, etc. or if you have a client who requires funding for his project or business we have all available.